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Maryland is a state in the Mid-Atlantic region of the Southeastern United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean to its east. Its small size belies the great diversity of its landscapes and of the ways of life that they foster, from the low-lying and water-oriented Eastern Shore and Chesapeake Bay area, through the metropolitan hurly-burly of Baltimore, its largest city, to the forested Appalachian foothills and mountains of its western reaches.
The charter that Lord Baltimore received from King Charles I of England specified a name for the new colony. It was to be called Maryland to honor King Charles' wife Queen Henrietta Maria (Queen Mary).
With a surface area of just 12,407 square miles, (32,133 square kilometers), Maryland is only the 42nd largest state in the USA in terms of land mass. It is, however, one of the most populous and most densely populated states in the whole country.
The last set of confirmed population figures occurred during the 2010 Census, showing there were 5,773,552 people living in Maryland -- a rise of 9% from the figures declared in 2000. Further estimates continue to suggest that the population of Maryland in 2020 is 6,083,120. Maryland also has a healthy population growth rate of 0.96%, which ranks 20th in the country.
English is the most widely spoken language; however, Spanish is spoken in small regions within the Washington, DC - Baltimore corridor. 87.4% of the population speaks only English at home, while 4.7% speak Spanish.
Maryland's government has three branches: the executive, legislative, and judicial branches. The executive branch is composed of the Governor, his cabinet, and various departments and agencies. Maryland has a bicameral legislature, composed of two houses charged with making, amending, and changing laws in Maryland.
Although manufacturing output continues to rise, the biggest growth areas in Maryland's economy are government, construction, trade, and services. Maryland employees are the best educated in the nation, with more than one-third of those over age 25 possessing a bachelor's degree in 2000.
Maryland's gross state product was $195 billion in 2001, the 15th highest in the nation, to which general service contributed $48.4 billion; financial services, $42 billion; government, $34.3 billion, trade, $28.7 billion; transportation and utilities, $14.2 billion, manufacturing, $14 billion; and construction, $11.3 billion. The public sector constituted 17.6% of Maryland's gross state product in 2001, compared to a national state average of only 12%.
Among Maryland cities, Baltimore significantly contributes to the State's economy.
United States Dollar (USD)
Maryland does not separately impose exchange control or currency regulations.
The business laws of Maryland are user-friendly and often adopted by other states as a standard for testing business laws. As a result, the business laws of Maryland are familiar to many lawyers both in the US and internationally. Maryland has a common law system
One IBC supply incorporation in Maryland service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.
More than a million corporations have been incorporated in Maryland and lots of U.S. publicly-traded companies. Businesses choose Maryland because it provides modern and flexible business laws and a business-friendly State Government.
The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.
The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";
No public register of company officers.
Just 4 simple steps are given to start a business in Maryland:
* These documents required to incorporate a company in Maryland:
Read more:
How to start a business in Maryland, USA
There is no minimum or a maximum number of authorized shares since Maryland incorporation fees are not based on the share structure.
Only one director required
Minimum number of shareholders is one
Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.
Us Federal Taxation: US Limited Liability companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return.
State Taxation: US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return
There is generally no requirement to file financial statements with the state of formation unless the corporation owns assets within that state or has conducted business within that state.
Maryland law requires that every business have Registered Agent in the State of Maryland who may be either an individual resident or business that is authorized to do business in the State of Maryland.
Maryland, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimized by providing credits against Maryland taxation for taxes paid in other states.
In the case of corporate taxpayers, double taxation is minimized through allocation and appointment rules related to the income of corporations engaged in multi-state business.
The Maryland Franchise Tax Board requires all new LLC companies, S-corporations, C-corporations that is incorporated, registered or doing business in Maryland must pay the $800 minimum franchise tax
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Payment, Company return due date
All LLC companies, corporations are required to update their records, either annually or biannually, based on the year of registration and pay the $800 Annual Franchise Tax every year.
A Statement of Information must be filed with the Maryland Secretary of State within 90 days after filing the Articles of Incorporation and each year thereafter during the applicable filing period. The applicable filing period is the calendar month in which the Articles of Incorporation were filed and the immediately preceding five calendar months
Most corporations must pay a minimum tax of $800 to the Maryland Franchise Tax Board each year. Maryland Corporation Franchise or Income Tax Return is due on the 15th day of the 4th month after the close of the corporation's tax year. Maryland S Corporation Franchise or Income Tax Return is due on the 15th day of the 3rd month after the close of the corporation's tax year.
Limited liability companies must file a complete Statement of Information within the first 90 days of registering with the SOS, and every 2 years thereafter before the end of the calendar month of the original registration date.
Once your limited liability company is registered with the SOS it is an active business. You are required to pay the minimum annual tax of $800 and file a tax return with FTB for each taxable year even if you are not conducting business or have no income. You have until the 15th day of the 4th month from the date you file with the SOS to pay your first-year annual tax.
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